Stories for January 5th 2016

An Argentine flagged sailing vessel, “Galileo” left on Sunday from Mar del Plata for an 18 days tour of the South Atlantic following the path of the Argentine navy and merchant vessels during the 1982 conflict. In a later expedition plans are for “Galileo” to reach the Falkland Islands.

Mainland Chinese shares recovered early losses amid volatile swings, following Monday's suspension of trading which led to a global equities sell-off. The Shanghai Composite was up 0.8% at 3,324.27 after opening more than 3% lower, while the Hang Seng also changed direction to head up 0.1% to 21,342.09.

Analysts expect Brazil's economy to contract by 2.95% this year after contracting by 3.71% in 2015, marking the biggest drop in economic output in 25 years, the Central Bank said on Monday. The first survey of analysts released this year shows that private sector economists expect the inflation rate to hit 6.87% in 2016.

The United States Justice Department has filed a federal lawsuit against Volkswagen, Audi and Porsche that seeks billions of dollars in penalties over claims that the car companies installed devices to deliberately misreport emissions. Nearly 600,000 diesel-engine vehicles were installed with these devices since 2009.

The British Overseas Territory of Ascension Island is set to become a marine reserve almost as big as the UK, the British government has announced. Using a £300,000 grant from the Bacon Foundation, the UK government will close 52.6% of the south Atlantic island's waters to fishing. In the rest of the waters there will be a monitored tuna fishery.

By David Cameron - This year’s 400th anniversary of the death of William Shakespeare is not just an opportunity to commemorate one of the greatest playwrights of all time. It is a moment to celebrate the extraordinary ongoing influence of a man who – to borrow from his own description of Julius Caesar – “doth bestride the narrow world like a Colossus.”

Argentina's January 3rd. statement on the Falkland Islands dispute claiming sovereignty and calling for dialogue with the United Kingdom has received a low key but strong response from the Foreign Office, according to the Mail on line.

Saudi Arabia says it has broken off diplomatic ties with Iran, amid a row over the Saudi execution of a prominent Shia Muslim cleric. Saudi Foreign Minister Adel al-Jubeir was speaking after demonstrators had stormed the Saudi embassy in Tehran.